André Thomsen, Kees van der Flier and Nico Nieboer
In previous research publications the authors combined the available knowledge about obsolescence in a conceptual model for further research on and appliance in the decision…
Abstract
Purpose
In previous research publications the authors combined the available knowledge about obsolescence in a conceptual model for further research on and appliance in the decision making about demolition. Since evidence-based theoretical research references on obsolescence are rare, the model inevitably had an explorative character. The purpose of this paper is to test and elaborate the model.
Design/methodology/approach
A series of case studies were conducted in various residential building estates. In each estate the types of obsolescence (according to the model) and their interrelationships were identified.
Findings
The model can usefully be applied; it enables the determination of types of obsolescence. The case studies also show that several types of obsolescence occur simultaneously, and that these types can be interrelated. This touches upon the complexity of cause-effect mechanisms as already mentioned in the introduction. One of the weaknesses is that information is sometimes available for only one point in time, and that the availability of information varies with the type of obsolescence.
Research limitations/implications
The study is based on a limited selection of case studies. Further, the causal relationships between the types of obsolescence could not always be revealed.
Practical implications
The current model does not distinguish between causes and effects. For further development of the model, cause-effect processes have to be further analysed.
Social implications
Actual measurement of the extent of obsolescence per type is not part of this study, but has to be carried out before social implications can adequately be indicated.
Originality/value
The paper presents a conceptual classification of obsolescence that turns out to be workable when tested in practice.
Details
Keywords
Maria Aluchna and Bogumil Kaminski
The purpose of this paper is to investigate the links between company ownership structure and financial performance in the context of the largest Central European stock market…
Abstract
Purpose
The purpose of this paper is to investigate the links between company ownership structure and financial performance in the context of the largest Central European stock market. Using the framework of agency theory, the authors address the question of the expropriation effect by dominant owners and the effect of collusion between shareholders of different types on company performance.
Design/methodology/approach
The authors test hypotheses on the relations between ownership concentration and the involvement of different shareholders (state, CEO, industry and financial investors) vs return on assets (ROA). The authors adopt the panel model controlling for endogeneity and sector of operation and analyze the data from the unique sample of 495 Polish non-financial firms listed on the Warsaw Stock Exchange in years 2005-2014 with a total of 3,203 observations.
Findings
The authors identify a negative correlation between ownership concentration by the majority shareholder and ROA, which corresponds with the expropriation rationale of blockholders. The authors also observe negative effects due to ownership concentration by the second largest shareholder, supporting the notion of collusion. The results show that ownership by industry investors is associated with a higher ROA. Ownership by the CEO, state and financial investors proves to have no statistically significant effect on performance.
Originality/value
The paper further develops the nature of ownership-performance relations in the specific economic context of a post-transition, emerging European stock market, weak external corporate governance mechanisms, insufficient investor protection and significant concentration of share ownership. The results add to the understanding of monitoring vs expropriation effects by large owners and the collusion between different types of shareholders.
Details
Keywords
The purpose of this paper is to provide an exploration on how important are “other block-holders” in explaining the performance of family-controlled corporations in Malaysia…
Abstract
Purpose
The purpose of this paper is to provide an exploration on how important are “other block-holders” in explaining the performance of family-controlled corporations in Malaysia. Three important groups of block-holders are identified for the purpose, namely the “foreign institutional investors”, the “domestic institutional investors” and the “government”.
Design/methodology/approach
The sample was drawn based on the companies listed on the Main Board of Bursa Malaysia. All the relevant block-holders’ ownership data are hand-collected from the annual reports published by the listed corporations and descriptive statistics together with regression analysis are employed.
Findings
Overall it is found that the presence of a second block-holder in family-controlled corporations leads to better performance compared to the corporations where the controlling families act as the sole block-holder. Moreover, this study finds that the identity of the block-holders with the extent of their ownership is important in explaining the performance. Specifically, “foreign institutional investors” and “government” are found to be significant in terms of the extent of their equity holdings and the performance of these corporations, respectively. Conversely, no such relationship is found in the equity holdings of “domestic institutional investors” and the corporation performance. Such finding may imply the possible limited ability and constraints faced by the “domestic institutional investors” in Malaysia to exert effective monitoring and pressure on the management for enhanced corporation performance.
Originality/value
Many studies researched the influence of family ownership on the performance of family-controlled corporations but there are limited studies conducted on the influence of “other block-holders” in affecting the performance of these corporations. This paper is an attempt to provide an initial exploration on how important are these “other block-holders” in explaining the performance of these corporations in the context of a small emerging economy, Malaysia.
Details
Keywords
Giovana Bueno, Rosilene Marcon, Andre Leonardo Pruner-da-Silva and Fabio Ribeirete
Since 2012, the Brazilian Stock Exchange has recommended that listed companies inform them if they have conducted voluntary disclosure. The purpose of this study is to describe…
Abstract
Purpose
Since 2012, the Brazilian Stock Exchange has recommended that listed companies inform them if they have conducted voluntary disclosure. The purpose of this study is to describe the voluntary disclosure by companies listed in the B3 in Brazil and to analyze which characteristics of the board of directors influence this disclosure.
Design/methodology/approach
The study involves quantitative research using a sample of 285 companies and 575 reports from 2011 to 2014. A fixed-effects regression model with panel data was used for the analysis.
Findings
The results were statistically significant for gender and duality variables, which confirms the theory that the presence of women as members of the board positively influences voluntary disclosure and that chief executive officer and chairman of the board positions have a negative effect. The age and independence of the board variables did not present statistical significance.
Research limitations/implications
As a theoretical contribution, the authors aim to complement sustainability, finance and strategy research by using agency theory and measuring the variable of voluntary disclosure and the board, which is rarely studied in this context.
Practical implications
As social and empirical contributions, a better understanding of this theme in the context of emerging countries, which is the peculiarities of Brazil with little information transparency and well-known corruption scandals, is likely to aid investors. Increased access to company information can help investors better select their investment portfolios and assist in the choice of their board representatives in companies in which they have participation and voting rights.
Originality/value
The fact that Brazil is an emerging country, where the lack of transparency of information and corruption in these environments stand out the importance of studying the subject of voluntary disclosure in this context. All data were collected manually specifically for this research.
Details
Keywords
The purpose of this paper is to explore fruit and vegetable (FV) procurement disparity across income groups.
Abstract
Purpose
The purpose of this paper is to explore fruit and vegetable (FV) procurement disparity across income groups.
Design/methodology/approach
This study uses mean comparison and quintile regression to explain FVs variations.
Findings
Households from the highest income quantile spend more than two times on FVs than households from the lowest quantile; however, this expenditure disparity is largely mitigated in terms of purchase quantity. This paper presents evidence that, rather than quantity discounts or income neighborhood, the type of store (traditional markets vs supermarkets) plays a relevant role in explaining the smaller gap in terms of purchase quantity.
Research limitations/implications
Traditional markets help low-income households access low-cost FVs.
Social implications
The authors generate evidence to show that traditional markets play a relevant role to supply affordable FV to low-income households.
Originality/value
The paper used a high-quality and uncommon data set. It is a topic of high social impact.
Details
Keywords
In response to stakeholder concerns for social responsibility in global supply chains, companies have implemented codes of conduct in outsourcing activities. The purpose of this…
Abstract
Purpose
In response to stakeholder concerns for social responsibility in global supply chains, companies have implemented codes of conduct in outsourcing activities. The purpose of this paper is to examine empirically how a multinational buying office implements its social responsibility and the codes in purchasing activities in the Hong Kong and Pearl River Delta (HK/PRD) region.
Design/methodology/approach
This paper reports a case study that reviews the experience from three sourcing projects of a multinational buying office in the HK/PRD region. This company has successfully adopted purchasing social responsibility (PSR) practices for years.
Findings
The results show that the environment, ethics, health and safety, and human rights are more important than diversity, community, and financial responsibility in PSR practices in the HK/PRD region. The benefits of adopting PSR include reduced operating costs, enhanced brand image and reputation, increased sales and customer loyalty, increased productivity and quality, increased ability to attract and retain employees, and risk management. The challenges include the cost of compliance, communication with uneducated workers, conflicts among different codes of conduct and sub‐contracting.
Research limitations/implications
The paper reflects the recent PSR situation in the HK/PRD region, primarily giving new insights for future research.
Originality/value
The paper provides empirical evidence on PSR implementation in the HK/PRD region, proposing seven core/non‐core dimensions of PSR and identifying the benefits and obstacles to its implementation. The paper provides academic and managerial guidelines for implementing PSR practices in the HK/PRD region.
Details
Keywords
Mohammad Fuad, Vinod Thakur and Ashutosh Kumar Sinha
From the socioemotional wealth (SEW) perspective, family firms prioritize non-financial goals and show risk averse behaviour towards conducting acquisitions. In this paper, we…
Abstract
Purpose
From the socioemotional wealth (SEW) perspective, family firms prioritize non-financial goals and show risk averse behaviour towards conducting acquisitions. In this paper, we study family firms' acquisitive behaviour while participating in CBA waves. Scholars have largely treated the cross border acquisition (CBA) wave and non-wave environments as homogeneous. We theorize that these two environments differ in their uncertainty and risk profiles on account of temporal clustering of acquisition deals. Accordingly, based on the SEW perspective, we examine the preference of family firms to participate in CBA waves.
Design/methodology/approach
The paper is based on CBAs conducted by Indian family firms between 2000 and 2018. These waves are identified by conducting a simulation based methodology.
Findings
Our findings suggest that foreign institutional ownership, firm age and acquisition relatedness moderate the relationship between family control and participation in CBA waves.
Originality/value
Our paper contributes towards the acquisitive behavior of family firms and their participation in CBA waves.